Professional Documents
Culture Documents
La Economia Tomas Bulat
La Economia Tomas Bulat
La Economia Tomas Bulat
/DHFRQRPDGHWXYLGD
&³PR DGPLQLVWUDUWH GH ORV D ORV D±RV
6XGDPHULFDQD
$*DLR\(OHQDTXHLQYLUWLHURQHQKDFHUPH
$&DUL6DQWL/XOL\)DXVWRDTXLHQHVOHVGHERPLIHOLFLGDG
$*DEULHOD\5REHUWRTXHJDVWDURQVXWLHPSR\SDFLHQFLDDSR\DQGRHVWHSUR\HFWR
$ ORV PXFKRV \ PXFKDV DQ³QLPRV \ DQ³QLPDV TXH PH DQLPDURQ D LQJUHVDU HQ XQ QXHYR
OLEUR
<ILQDOPHQWHDPLSDV$UJHQWLQDTXHQRDKRUUDQRWLFLDVVREUHODHFRQRPD
,JXDOHVSHURGLVWLQWRV
3UHVHQWDFL³Q
/DHFRQRPDGHWXYLGDHVXQSUR\HFWRTXHVXUJL³MXVWDPHQWHGHODYLGD7HQLHQGRHQFXHQWD
OD JUDQ YDULDFL³Q TXH FDUDFWHUL]D D OD HFRQRPD DUJHQWLQD QR HV SRFD OD JHQWH TXH PH SLGH
DVHVRUDPLHQWRVREUHF³PRJDVWDUVLOHFRQYLHQHFRPSUDUVHXQDXWRDKRUDRHVSHUDUXQSRFRVL
SDUDDKRUUDUGHEHUDFRPSUDUG³ODUHVRSRQHUODSODWDHQXQSOD]RILMRVLSDUDLQYHUWLUHVPHMRU
XQGHSDUWDPHQWRGHSR]RRWHQHUDFFLRQHV
(VWDV SUHJXQWDV VRQ FRPXQHV D WRGRV SHUR WLHQHQ UHVSXHVWDV GLVWLQWDV VHJºQ OD SHUVRQD \
VHJºQ F³PR HVW©Q HO SDV \ HO PXQGR HQ HVH SUHFLVR PRPHQWR 'LFH 0DLWHQD ߡ/DV PXMHUHV
VRPRVWRGDVGLVWLQWDVSHURQRVSDVDQODVPLVPDVFRVDVߢ\HVRFRUUHSDUDWRGRVQRVSDVDQODV
PLVPDVFRVDVSHURVRPRVGLIHUHQWHV3RUHVRODVUHVSXHVWDVWDPEL©QVRQGLIHUHQWHVSRUTXHQR
HVLJXDOGDUOHXQFRQVHMRDXQMRYHQTXHUHFL©QHPSLH]DVXYLGDODERUDOTXHDXQMXELODGRD
DOJXLHQTXHHVSDGUHGHWUHVKLMRVTXHDXQVROWHUR
/DHFRQRPDQRHVW¡HVFLQGLGDGHQXHVWUDSURSLDYLGDVLQRTXHQRVDFRPSD±D\FUHFHFRQ
FDGD XQR GH QRVRWURV (Q HVWH OLEUR PH SURSXVH HO GHVDIR GH GDU DOJXQDV FODYHV SDUD HO
PRPHQWRGHWRPDUGHFLVLRQHVHFRQ³PLFDVWHQLHQGRHQFXHQWDODSDUWLFXODULGDGGHODVGLVWLQWDV
HWDSDVTXHHQOQHDVJHQHUDOHVWRGRVDWUDYHVDPRV
(QSULPHUOXJDUWHQHPRVLQJUHVRVHVGHFLUTXHUHFLELPRVXQVXHOGRVLVRPRVHPSOHDGRVR
JHQHUDPRV XQD JDQDQFLD VL VRPRV HPSUHVDULRV R FRPHUFLDQWHV 'HVSX©V GHFLGLPRV HQ TX©
JDVWDUXQDSDUWHGHHVRVLQJUHVRV7DPEL©QHOHJLPRVF³PRDKRUUDU\VLWHQHPRVDKRUURVGH
TX© PRGR LQYHUWLUORV < SXHGH GDUVH HO FDVR GH TXH GHFLGDPRV DGHODQWDU XQ JDVWR \ QRV
S S J
HQGHXGHPRVSDUDSRGHUKDFHUOR(OOLEURVLJXHHVDPLVPDO³JLFD J
,,QJUHVR*DVWR$KRUUR,QYHUVL³Q'HXGD
QJUHVR *DVWR $KRUUR ,QYHUVL³Q 'HXGD
&DGD FDSWXOR FRPLHQ]D FRQ XQD SDUWH WH³ULFD (Q HOOD WH FXHQWR XQ SRFR GHVGH OD WHRUD
HFRQ³PLFD \ RWUR SRFR D SDUWLU GHO FRPSRUWDPLHQWR KDELWXDO GH OD JHQWH FX¡OHV VRQ ORV
VXSXHVWRV \ ORV FRQFHSWRV TXH HVW¡Q GHWU¡V GH FDGD XQD GH HVWDV DFFLRQHV (V OD EDVH SDUD LU
HQWHQGLHQGROXHJRDOJXQRVGHORVFRQVHMRVTXHYDVDHQFRQWUDUHQFDGDHWDSDGHODYLGD3DVDU
GH XQD D RWUD SDUWH GHO FDSWXOR WH SHUPLWLU¡ SDVDU GH QR HQWHQGHU QDGD GH HFRQRPD D
IDPLOLDUL]DUWH\DPLJDUWHFRQHOOD
3DUD RUJDQL]DU ORV FDSWXORV PH HQIUHQW© DO UHWR GH SHQVDU F³PR OLGLDPRV WRGRV FRQ FDGD
XQDGHHVWDVDFFLRQHVDORODUJRGHQXHVWUDYLGDF³PRODVHQFDUDPRVGHDFXHUGRFRQQXHVWUD
HGDG< DTX SXVH HQ MXHJR PL YHWD P¡V SUDJP¡WLFD 'HFLG GLYLGLU HO OLEUR SRU G©FDGDV OR
FXDOVLELHQHVDUELWUDULR\QRGHOWRGRUHDOLVWDHVPX\SU¡FWLFR\IXQFLRQDO
(QWUHORV\ORVD±RV(VWDSULPHUDHWDSDFRPSUHQGHODDGROHVFHQFLD\HOILQDOGHO
FROHJLRVHFXQGDULR
(QWUH ORV \ ORV D±RV /D ILQDOL]DFL³Q GH ORV HVWXGLRV \ HO FRPLHQ]R GH OD HUD
ODERUDOSHURVLQFRPSURPLVRVIDPLOLDUHV
(QWUH ORV \ ORV D±RV (V OD HWDSD GH PD\RU FUHFLPLHQWR SURIHVLRQDO \ FXDQGR
QXHVWUDDFWLYLGDGIDPLOLDUHVW¡ߡDSOHQRߢ
(QWUH ORV \ ORV D±RV &XDQGR OR ORJUDGR VH FRQVROLGD \ VH PDQWLHQH /RV KLMRV
FRPLHQ]DQOHQWDPHQWHDLQGHSHQGL]DUVH\WHQHPRVP¡VWLHPSRSDUDQRVRWURV
'HVSX©VGHORVD±RV(VODHWDSDGHOUHWLURFXDQGRGHMDPRVDWU¡VQXHVWUDYLGDDFWLYD\
\DQRWHQHPRVKLMRVDTXLHQHVPDQWHQHU
3RUVXSXHVWRTXHDOJXQDVSHUVRQDVFRPLHQ]DQDQWHVDOJXQDGHHVWDVHWDSDVRWURVP¡VWDUGH
\HVW¡QORVTXHQRORKDFHQQXQFD&RPRWHGLMHVHWUDWDGHXQUHFRUWHFRQILQHVSUDJP¡WLFRV
TXHQRUHIOHMDHQVXYDULHGDG\GLYHUVLGDGODYLGDGHWRGDVODVSHUVRQDVDOJRTXHVLQGXGDVHUD
LPSRVLEOH&DGDXQRYDFRQVWUX\HQGRVXYLGDVHJºQVXVSURSLRVWLHPSRVSHURHQFLHUWDIRUPD
VRQHWDSDVLQHOXGLEOHVTXHHQFLHUUDQVLWXDFLRQHVVLPLODUHVSDUDWRGRV&RPRGLFH0DLWHQD
/DV LGHDV TXH WH SURSRQJR YDQ D VHUYLUWH FRPR JXD FXDQGR WHQJDV TXH WRPDU GHFLVLRQHV
HFRQ³PLFDV \\ VVLHQWDV
HFRQ³PLFDV LHQWDV GGXGDV
XGDV HH LLQVHJXULGDGHV
QVHJXULGDGHV 6 H WWUDWD
6H UDWD GGH
H FFRQVHMRV
RQVHMRV TXH
TXH DD DDOJXQRV
OJXQRV OOHV
HV VVHUYLU¡Q
HUYLU¡Q
P ¡V T
P¡V XH DD RRWURV
TXH WURV & LHUWDV VVXJHUHQFLDV
&LHUWDV XJHUHQFLDV WWH
H SSDUHFHU¡Q
DUHFHU¡Q RREYLDV
EYLDV \\ RRWUDV
WUDV TXL]¡V
TXL]¡V LLQQRYDGRUDV
QQRYDGRUDV \
GHVFXEULU¡V ODV UD]RQHV GH PXFKDV GH HVDV FRVDV TXH KDF©V FRWLGLDQDPHQWH SHUR GH PDQHUD
LQWXLWLYD\TXHWHGDQEXHQRVUHVXOWDGRV
6LWXLGHDHVKDFHUWHULFRHVWHOLEURQRHVSDUDYRV3DUDHVRWHQGU¡VTXHHVWXGLDUODEXUDUR
JDQDUWHHO4XLQL(QFDPELRVLEXVF¡VRUGHQDUORVFRQRFLPLHQWRVGHHFRQRPDLQWXLWLYDTXH
\DPDQHM¡V\DSUHQGHUDOJXQDVFRVDVTXHWHD\XGDU¡QDGHFLGLUPHMRUbDGHODQWH
$VHVODHFRQRPDQRVDFRPSD±DHQQXHVWUDYLGD'HVGHORVKDVWDORVD±RV
'LVIUXW©PRVOD
&X¡QWRYDOHXQDUJHQWLQR"
,1*5(62
+D\ XQ IDPRVR FKLVWH TXH VH KDFH HQ EXHQD SDUWH GH /DWLQRDP©ULFD \ TXH GLFH TXH D XQ
DUJHQWLQR KD\ TXH FRPSUDUOR SRU OR TXH YDOH \ YHQGHUOR SRU OR TXH ©O FUHH TXH YDOH 7HQLHQGR
HQFXHQWDDODGLIHUHQFLDGHSUHFLRVUHDOPHQWHHVXQQHJRFL³Q
/RVLQJUHVRVMXHJDQXQUROLPSRUWDQWVLPRDORODUJRGHQXHVWUDYLGD3HURPLHQWUDVTXHHQ
HO UHVWR GH QXHVWUDV DFFLRQHV HFRQ³PLFDV JDVWDU DKRUUDU LQYHUWLU R HQGHXGDUQRV KD\ XQD
IXHUWH SDUWLFLSDFL³Q GH QXHVWUD YROXQWDG OD PD\RU SDUWH GH ODV YHFHV QXHVWURV LQJUHVRV
GHSHQGHQ GH OD YROXQWDG GH WHUFHURV
1R VH WUDWD GH YLFWLPL]DUVH SHUR OR FLHUWR HV TXH WHQGUHPRV HO LQJUHVR TXH RWURV HVW©Q
GLVSXHVWRV D SDJDU SRU QRVRWURV< SRU OR JHQHUDO HVWH QXQFD FRLQFLGH FRQ OR TXH QRVRWURV
SHQVDPRV TXH YDOHPRV (V PX\ LPSRUWDQWH HQWHQGHU HVWR SRUTXH VL TXHU©V WHQHU LQJUHVRV
PD\RUHV GHILQLWLYDPHQWH GHEHUDV YDOHU P¡V SDUD DTXHO TXH YD D SDJDUWH HO VXHOGR 3HUR
F³PRVHKDFH"
7XLQJUHVRGHSHQGHGHXQDPSOLRDEDQLFRGHYDULDEOHVTXHYDQGHVGHHQTX©PHGLGDWXURO
D\XGD D LQFUHPHQWDU HO YDORU GH OD HPSUHVD KDVWD F³PR WH OOHY¡V FRQ WX MHIH 8QD HVWUDWHJLD
H[LWRVD SDUD ߡFRWL]DUVHߢ HV FDSDFLWDUWH SHUPDQHQWHPHQWH SDUD LU VDELHQGR FDGD YH] P¡V \
SRGHU DSRUWDU P¡V 6LQ HPEDUJR HQ HVWH UXEUR ODV FRVDV QR VLHPSUH VRQ MXVWDV 7RGRV
FRQRFHPRV FDVRV GH HPSOHDGRV TXH FXPSOHQ D UDMDWDEOD OD /H\ GHO 0QLPR (VIXHU]R \ VLQ
HPEDUJRJDQDQP¡VTXHQRVRWURVTXHQRVGHVYLYLPRVWUDEDMDQGR'HWRGDVPDQHUDVVHDPRV
VLQFHURVQDGLHSLHQVDPHMRUGHQRVRWURVTXHQRVRWURVPLVPRV
4XLHUHGHFLUTXHORVLQJUHVRVSUHVHQWDQXQGHVDIRFRQVWDQWHSRUTXHUHVSRQGHQDPºOWLSOHV
FDXVDV6LHVWXGL¡V\WHHVIRU]¡VPXFKRQRQHFHVDULDPHQWHYDVDJDQDUP¡VSHURWDPSRFRHV
JDUDQWD FKXSDUOH ODV PHGLDV D WX MHIH
&X¡QWRYDOHXQWUDEDMDGRULQGHSHQGLHQWH"SURIHVLRQDORFRPHUFLDQWH
6HU XQ WUDEDMDGRU LQGHSHQGLHQWH GD XQD QRFL³Q PXFKR P¡V FODUD GH WRGR HVWR 6L VRV
S
FRPHUFLDQWH R HPSUHVDULR \ WXV SSURGXFWRV QR VH YHQGHQ HQWRQFHV WHQ©V GRV RSFLRQHV
S M
EDMDUOHV
HHOSUHFLRRSURGXFLUDOJRGLIHUHQWH<DTXQRKD\YXHOWDV/RPLVPRRFXUUHVLVRVSURIHVLRQDO
O SUHFLR R SURGXFLU DOJR GLIHUHQWH < DTX QR KD\ YXHOWDV /R PLVPR RFXUUH VL VRV SURIHVLRQDO
LQGHSHQGLHQWH WXV KRQRUDULRV QR V³OR YDQ D GHSHQGHU GH WX IRUPDFL³Q \ FDSDFLWDFL³Q VLQR
WDPEL©QGHFX¡OHVODWDULIDHQMXHJRHQHOPHUFDGR$HVWRVHOHVXPDTXHHQXQHVFHQDULRGH
LQIODFL³Q\GHEDMRRQXORFUHFLPLHQWRHFRQ³PLFRHVDGHILQLFL³QVHYXHOYHWRGRXQUHWR
6DE©VFX¡QSURGXFWLYRVRV"
+DEU¡VHVFXFKDGRHVWDSDODEULWDPLOHVGHYHFHVDXQTXHVHJXUDPHQWHQXQFDWHTXHGDPX\HQ
FODURORTXHVLJQLILFD3URGXFWLYLGDGHVORTXHDSRUW¡VDODSURGXFFL³QGHULTXH]DDODFUHDFL³Q
GHELHQHVRVHUYLFLRV6LWUDEDM¡VXQDKRUDWXSURGXFWLYLGDGHVORTXHSURGXMLVWHHQHVDKRUDGH
WUDEDMRVLWUDEDM¡VRFKRKRUDVORTXHDSRUW¡VGXUDQWHHVHWLHPSR
3RUORWDQWRODIRUPDGHPDQWHQHUWXVDODULRRGHORJUDULQFUHPHQWDUORHQHOODUJRSOD]RHVW¡
UHODFLRQDGDFRQODSRVLELOLGDGGHDSRUWDUFDGDYH]P¡VDODSURGXFFL³QGHODHPSUHVDGRQGH
HVW©V HPSOHDGR (VR QR TXLHUH GHFLU WUDEDMDU P¡V KRUDV DXQTXH PXFKRV OR KDFHQ VLQR VHU
P¡V HILFLHQWH HQ OD PLVPD FDQWLGDG GH WLHPSR 'LFKR GH RWUR PRGR OD LGHD QR HV DSRUWDU
ߡKRUDVKRPEUHߢVLQRWUDEDMDUPHMRU
3DUD FRQRFHU WX SURGXFWLYLGDG WHQ©V TXH HYDOXDU TX© KDF©V \ TX© LPSDFWR WLHQH WX
SDUWLFLSDFL³Q HQ OD HPSUHVD /D SURGXFWLYLGDG HQWHQGLGD FRPR DTXHOOR TXH DSRUWDPRV D OD
FUHDFL³QGHELHQHVRVHUYLFLRVVHFRUUHVSRQGHDORODUJRGHOWLHPSRDORTXHLUHPRVWHQLHQGR
FRPRLQJUHVR3RUVXSXHVWRTXHHVWRQRHVWDQH[DFWR\UHVXOWDGLIFLOPHQWHPHGLEOHSHURVL
XQR VH TXHGD KDFLHQGR OR PLVPR WRGD OD YLGD QXQFD YHU¡ LQFUHPHQWDUVH VXV LQJUHVRV SRU HO
PHURSDVRGHORVD±RV
(VWDUHJODWLHQHDOJXQDVH[FHSFLRQHVGRQGHSRUFRQYHQLRVGHORVVLQGLFDWRVHOVDODULRFUHFH
GHDFXHUGRDODFDQWLGDGGHD±RVHQORVTXHXQRVHGHVHPSH±HHQVXOXJDUGHWUDEDMR3HURP¡V
DOO¡ GH HVWDV FO¡XVXODV HQ SULQFLSLR QR H[LVWHQ LQFUHPHQWRV SRU WLHPSR DFXPXODGR D PHQRV
TXHHVRVLJQLILTXHJDQDUH[SHULHQFLDRIRUMDUUHGHVTXHLPSOLFDQXQYDORUDJUHJDGRDOSURFHVR
SURGXFWLYR TXH OXHJR SXHGH YHUVH UHIOHMDGR HQ QXHVWURV LQJUHVRV 3RU HVR HV TXH LQFRUSRUDU
FRQRFLPLHQWRWRGRHOWLHPSRD\XGDDQXHVWURPHMRUGHVDUUROORODERUDO
3HUR FRQRFLPLHQWR QR HV V³OR DTXHOOR TXH OHHPRV R ORV FXUVRV TXH KDFHPRV &³PR" 7H
H[SOLFR
+D\RQRKD\XQD8QLYHUVLGDGGHOD&DOOH"
(V HHYLGHQWH
(V YLGHQWH TTXH
XH HHO
O HHVWXGLR
VWXGLR \\ OOD
D SSUHSDUDFL³Q
UHSDUDFL³Q IIRUPDO
RUPDO SSHUPDQHQWH
HUPDQHQWH QQRV
RV FFRQFHGHQ
RQFHGHQ P D\RU
PD\RU
FFDSDFLGDG
DSDFLGDG GGH
H QQHJRFLDFL³Q
HJRFLDFL³Q DD OOD
D KKRUD
RUD GGH
H GGLVFXWLU
LVFXWLU QQXHVWURV
XHVWURV LLQJUHVRV
QJUHVRV \\ DDGHP¡V
GHP¡V QQRV
RV GGDQ
DQ OODD
FRPSUHQVL³Q GHO QHJRFLR GRQGH QRV GHVHPSH±DPRV \ GHO OXJDU TXH RFXSDPRV 3HUR HO
FRQRFLPLHQWR QR HV HO ºQLFR IDFWRU HQ MXHJR VLQR TXH H[LVWH RWUR TXH SHVD EDVWDQWH HQ OD
YDORUDFL³Q TXH ORV RWURV KDFHQ GH QRVRWURV \ HV OD H[SHULHQFLD R HQ OHQJXDMH FRPºQ ߡWHQHU
FDOOHߢ
(VDH[SHULHQFLDVHFRPSRQHDVXYH]GHXQDYDULHGDGGHIDFWRUHVHQWUHORVFXDOHVKD\GRV
FRQ P¡V SHVR HVSHFILFR 8QR HV HO FRQRFLPLHQWR GHO PHUFDGR GH ORV HVW¡QGDUHV GH OD
FRPSHWHQFLD6DEHUTX©HVORP¡V\ORPHQRVLPSRUWDQWHWHORYDGDQGRV³ORODH[SHULHQFLD(O
VHJXQGR IDFWRU DXQTXH SDUD QDGD PHQRU HV OD UHG GH YQFXORV R UHODFLRQHV TXH YD\DV
JHQHUDQGR 0LHQWUDV P¡V DFWLYR VHDV HQ FUHDU \ FXOWLYDU XQD UHG GH YQFXORV PD\RUHV
RSRUWXQLGDGHVVHWHSUHVHQWDU¡QGHWHQHUDOWHUQDWLYDVTXHWHSHUPLWDQPHMRUDUWXVLQJUHVRV
6HJºQGDWRVGHFRQVXOWRUDVWUHVGHFDGDFXDWURSHUVRQDVTXHFRQVLJXHQXQQXHYRWUDEDMRHV
GHFLUP¡VGHOSRUFLHQWRGHODJHQWHORKDFHQDWUDY©VGHUHODFLRQHVLQIRUPDOHVFRQVWUXLGDV
GXUDQWHVXFDUUHUDODERUDO7DQWRHODUWHGHDUPDUUHGHVFRPRODSURSLDH[SHULHQFLDVRQFRVDV
TXH VH DGTXLHUHQ FRQ ORV D±RV 3RU HVR HV TXH GLJR TXH SRU P¡V IRUPDFL³Q TXH WHQJD XQ
JUDGXDGRUHFL©QUHFLELGRHQXQSULQFLSLRJDQDU¡PHQRVTXHRWURFRQYDULRVD±RVWUDEDMDQGRHQ
HOPLVPROXJDU
3DUDWRGRVORVTXHHVW¡QOH\HQGRHVWHOLEURHVFODURTXHFRQVLGHUDQGRHOFLFORFRPSOHWRGH
OD YLGD HO SULPHU WUDEDMR QXQFD RIUHFH HOHYDGRV LQJUHVRV (VWR HV DV SRUTXH DO SULQFLSLR VL
ELHQGDPRVFRVDVGHQRVRWURVVRQP¡VODVTXHUHFLELPRV\QXHVWUDSURGXFWLYLGDGWRGDYDHV
EDMD 3HUR D PHGLGD TXH YDPRV DSUHQGLHQGR OD WDUHD QXHVWUD SURGXFWLYLGDG FUHFH \ SRU OR
WDQWRWDPEL©QQXHVWUDSRVLELOLGDGGHWHQHUPD\RUHVLQJUHVRV
3HURKDVWDODVUHGHV\ODH[SHULHQFLDFXPSOHQXQFLFOR8QRQRYDDFXPXODQGRH[SHULHQFLD
WRGR HO WLHPSR QL DJUDQGDQGR VX UHG GH FRQWDFWRV SHUPDQHQWHPHQWH 'H KHFKR WDPEL©Q ORV
GHP¡VYDQFRQRFLHQGRORVOPLWHVGHORTXHXQRSXHGHRIUHFHU3RUHVRWDPEL©QODHVFDODGH
LQJUHVRVYDLQFUHPHQW¡QGRVHFRQHOWLHPSRKDVWDTXHOOHJDDVXOPLWHTXHVRQORVD±RV\D
SDUWLUGHHQWRQFHVVHHVWDELOL]DKDVWDODMXELODFL³Q(VWRQRHVV³ORFRQVHFXHQFLDGHOFRQWH[WR
VLQRTXHFRQHOSDVRGHOWLHPSRWDPEL©QXQRYDWRP¡QGRVHODVFRVDVFRQRWUDDFWLWXG
(V QHFHVDULR GHVWDFDU HVSHFLDOPHQWH TXH OD H[SHULHQFLD YD SHUGLHQGR HILFDFLD HQ DOJXQRV
VHFWRUHVP¡VTXHHQRWURV/DLUUXSFL³QGHQXHYDVWHFQRORJDVPRGLILFDUDGLFDOPHQWHODIRUPD
HQ TXH VH YHQD HQFDUDQGR XQ QHJRFLR 3RU HMHPSOR KDFHU SXEOLFLGDG HQ ,QWHUQHW QR HV OR
PLVPRTXHKDFHUODSRUWHOHYLVL³Q$VWHQHUH[SHULHQFLDHQSXEOLFLGDGWHOHYLVLYDYDSHUGLHQGR
YDORU HQ OD PHGLGD HQ TXH DSDUHFHQ FDQDOHV FRQ RWUDV O³JLFDV \ GLQ¡PLFDV 6LQ HPEDUJR HV
HHVWR
VW R P LVPR OOR
PLVPR R TTXH
XH QQRV
RV RREOLJD
EOLJD DD HHVWXGLDU
VWXGLDU \\ DD DDFWXDOL]DUQRV
FWXDOL]DUQRV SSDUD
DU D S RGHU P
SRGHU DQWHQHU QQXHVWUD
PDQWHQHU XHVWUD
SURGXFWLYLGDG \ VXPDU D OD HPSUHVD PD\RU SURGXFFL³Q GH ELHQHV R VHUYLFLRV D ILQ GH TXH QRV
SURGXFWLYLGDG\VXPDUDODHPSUHVDPD\RUSURGXFFL³QGHELHQHVRVHUYLFLRVDILQGHTXHQRV